CEMENTOS ARGOS S.A. PROFIT DITRIBUTION PROJECT (expressed in Colombian pesos)
The following proposal of the Board of Directors and the President is submitted to the consideration of the Shareholders Meeting to declare an extraordinary dividend based on the following:
Considerations
- That Cementos Argos S.A. has retained profits from previous periods and available to shareholders for $503.984.722.390.
- That these retained profit originated from the transfers of the equity item "Other Comprehensive Income (OCI)" to retained profits, from the sale of shares of equity instruments during the years 2016 to 2020.
- That these retained profit have been disclosed in the separated and consolidated financial statements of the company which have been approved by the Shareholders' Meeting in previous years.
By virtue of the considerations, it is proposed to the Shareholders' Meeting the distribution of $503.984.722.390 of retained profits available from previous periods:
Retained profits from prior periods available
1. Reserves constitution:
Legal reserve: Article 452 of the Commercial Code establishes that public limited companies must constitute a legal reserve amounting to at least 50% of the subscribed capital, formed with 10% of the liquid profits for each financial year.
Occasional reserve
Occasional reserve for equity strengthening.
$503.984.722.390
50.398.472.239
136.577.959.607
2. Proposal concerning the distribution of profits
Declare an extraordinary dividend | 317.008.290.544 |
Total dividend
ORDINARY SHARES: For an ordinary dividend of $229.77 per year per ordinary share out of a total of 1,170,478,742 ordinary shares
SHARES WITH PREFERENTIAL DIVIDEND: For a preferential dividend of $229.77 per year per ordinary share out of a total of 209,197,850 preferential shares.
These dividends will be caused immediately when they are declared by the Shareholders Meeting and will be paid in cash in three (3) installments at a rate of $76.59 pesos per
ordinary share and with preferential dividend, during July 2023, October 2023 and December 2023.
All the dividend to be distributed is TAXED by the income tax
Payments will be made on the following dates:
July 2023: between the 17th and 28th of the month
October 2023: between the 17th and 27th of the month
December 2023: between the 4th and 11th of the month
317.008.290.544
268.940.900.549
48.067.389.995
317.008.290.544
Note: In accordance with the provisions of Decree 4766 of 2011 and the General Regulations of the Stock Exchange of Colombia, it is reported that the ex-dividend period will be 4 trading days, therefore, the right to receive dividends is not included in the share negotiations between the first dividend payment day and the four trading days immediately preceding that date.